As a homeowner you should be as prepared as possible for all eventualities. But this is not a “set it and forget it” situation under any circumstances. You need to be constantly reassessing the various threats that could significantly affect your lifestyle and at the very least you should be making a date with your calendar to check everything on January 1.
While it is a good idea to get into a habit of doing this, it’s not a good idea to simply ask yourself the same repetitive questions that focus on the same home insurance subjects or topics each time. Much can happen in the preceding 12 months. Home repairs or extensions may have made a material difference to the value of your home, so you need to ensure that you are adequately protected. You also need to keep up to date with the value that you are ensuring. Realize that over a 12 month period the cost of repairs and building materials alone can make a sizable difference, should you need to make any claim.
How about those endorsements? The weather across the country has been a particular talking point in recent times. Where do you stand when it comes to flood insurance for example, or coverage in the event of the sewer backup? The latter can be taken care of as an endorsement to your home insurance policy, while flooding is something that is subject to a separate government backed program. We should talk about helping you to secure coverage here.
While making sure that all your values are set correctly and that coverage exists for all eventualities it’s also fun to discover opportunities for savings or other discounts associated with your insurance across the board. From time to time carriers introduce discounts into the marketplace. For example, could you be eligible for a discount based on your home security system? In terms of your auto insurance coverage it could be that you have “earned” a good driver discount based on the preceding 12 months.
What are some of the most exciting discounts and savings opportunities that you have discovered in the past, when conducting a review of your coverage? Tell some of our readers about your stories and learn from others at the same time.